Golden Lessons For Startups From Elon Musk and Jeff Bezos!

In light of the recent version released by Inc., we have two eminent tech visionaries who are both trying to change the world and it’s standard. Two communiqués were published last week – one by Elon Musk, the CEO of TESLA, the electric-automobile manufacturer and the other one by Jeff Bezos, the Founder and CEO of Amazon.

The Retail Pioneer

The man who has changed the way people buy products online, Jeff Bezos is no stranger to breaking new grounds. He recently published his annual letter to shareholders in which he has duly commended Amazon employees for the success through all these years and extended advice to strive harder.

The four elements of high standards as we see it: they are teachable, they are domain specific, you must recognize them, and you must explicitly coach realistic scope – JEFF BEZOS.

As per reports by Investopedia, Amazon’s Revenue was just $147 million 1997, an 838% increase from 1996. In 2017, Amazon’s revenue topped $177 billion. The company is one of the most valuable in the world in terms of market cap, and Bezos is the richest person on the planet.

As per his missive, the following deductions could be made :

The takeaway of learning how to maintain high standards comes smooth. It’s contagious and once in, employees adapt quickly. It’s being open to learning and constructive criticism.

High standards are domain specific, i.e., you have to build high standards for individual areas of interest. The take away is that we can learn to address our strength and weaknesses.

Recognition of High standards is necessary. We must recognize what looks good in which domain.

Bezos says you must also have realistic expectations for the scope of a task or project: how much effort it takes to achieve a great result.

According to Bezos, it’s necessary to be skilled so as to perform a task in a team, but it doesn’t have to be you. Identifying individual skills tend to provide better delegations i.e., you’re aware of your strength and you can focus more on that.

The Social Entrepreneur

The best words that describe Elon Musk are probably “serial entrepreneur.” Know why? Elon Musk’s missive outlined his idea of productivity under the guise of “Productivity recommendations”. However, it was a humble attempt to talk about the point of issues today in Technology and business sectors.

At Tesla, we lead from the front line, not from some safe and comfortable ivory tower. Managers must always put their team’s safety above their own. – Elon Musk.

As this noted manufacturer gears up to enter a new phase of activity as it ramps up his production, Elon Musk’s missive reveals some brilliant communication skills.

Blow Horns to genuine efforts:

Although Tesla has fallen woefully short in his production scale, Musk’s constant encouragement didn’t stop. He congratulated his employees for “accomplishing miracles” and said that’s what “matters”.

Clarify Goals; Subtly :

Inspire in a way that it triggers emotional level in the employees so that they strive hard. Doing so he encourages buy-in for his visions.

Accept Criticism – They tend to be constructive :

It’s all about accepting and soliciting criticisms and feedback. This opens up space for self-analysis. The habit of self-reflection is critical in today’s technological era wherein the upswing of innovations is prevalent.

Souvenirs Received

Both of these tech innovators are a far cry from their particular areas of interest, but the common link that can be established from both of them is – They’re the most impeccable innovators of this era who possess high Emotional Intelligence. Revolutionizing age-old industries never comes easy. But these leaders set examples. Their goal was to cast a net that is incredibly broad in terms of promoting the opportunity and here they are. While Jeff Bezos idea planted in a Bellevue garage grew into one of today’s most successful businesses, Elon Musk’s fortitude & leadership skills are a testimonial to how you can face multiple failures and yet be a viable player in the business. They both end up at a common junction – They rule deep space and are undeniable, vanguards of the biz world.